Largest US wholesale lender moves $242bn portfolio to ICE's MSP platform
United Wholesale Mortgage (UWM), the country’s largest wholesale mortgage lender, is bringing its servicing operations in-house, triggered in part by Rocket’s acquisition of one of its subservicers, Mr. Cooper.
Under a new long-term agreement, UWM will adopt the MSP loan servicing system provided by ICE Mortgage Technology to directly manage its $242.4 billion portfolio of residential loans.
Until now, the Michigan-based mortgage giant has outsourced monthly servicing work to Cenlar FSB and Mr. Cooper. With Mr. Cooper’s sale to Rocket, its biggest rival, UWM has decided to handle its servicing in-house to regain control over its borrower relationships.
“We are excited to partner with ICE Mortgage Technology to bring our servicing portfolio in-house. This is a huge win for UWM and, more importantly, the broker community,” UWM head Mat Ishbia said in a media release. “This will mean a better experience for borrowers and a stronger, stickier relationship with their brokers, which we believe could result in more repeat business and referrals — the foundation for long-term growth and success.”
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Through the ICE partnership, UWM will implement several tools to manage its servicing operations, including, the ICE Servicing Digital borrower portal, ICE Loss Mitigation, ICE Customer Service, ICE Automated Lien Release, and ICE Servicing APIs.
“ICE Mortgage Technology is exclusively dedicated to serving businesses that power the housing finance economy,” said Tim Bowler, president of ICE Mortgage Technology. “As a neutral provider of third-party software, lenders and servicers can rest assured that we will always be in their corner, helping them support the American dream of homeownership.”
“We are honored that UWM has entrusted us to supply the technology underpinning its new servicing strategy,” added ICE president Ben Jackson. “By leveraging our platform and many of our complementary solutions, UWM will gain access to a powerful, scalable system for delivering a consistent, world-class servicing experience that drives repeat and referral business and supports homeownership in communities nationwide.”
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